Ex-RTB flat in tower block- which mortgagees lend?

[mack257]

hi

i am a lease holder in a 20 storey tower block in east london near the olympic site, barcalys did my mortgage in 2000 which is now paid off

i tried for a new mortgage and they said no, they do not lend on my property type any more, all the other banks/BS say the same thing

there is only one lender who will ,chershire mortgages and they are charging 16% APR plus fees

does any one know of any other lenders for ex council, 20 floors, concrete large panel construction

i have to pay for the major work bill in a few months

no credit problem

thank in adavance

mack257

[Rodent1]

Hi Mack

Hmm..you could prob get a secured loan cheaper than that !
Or Credit card, bank loan etc

How much do you need ?

Over what period ?

Just to help us advise of other possible avenues.

The Rodent

[sjcollett]

don't know if it's any use but you could try my bank manager for commercial lending he's always pretty amenable [with lloyds] pm me and i'll let you have his details if you want. sam

[Poppy]

Contact an independent (whole of market) mortgage broker to do the leg work for you.

[rajeshk4u]

You could try zopa.com - Loans from people not banks.

The company has been featured on the BBC's Working Lunch. Basically, zopa started off as a way for ordinary people to become money lenders!. So if you have some spare cash, then you can lend it out. The bulk money is not lent to one borrower (which is very risky), but instead spread accross lots of borrowers. E.g. if an individual has £500 to lend then this risk is spread out accross lots of borrowers e.g. £10 to 50 borrowers which spreads risk.

My father lends money there and so far he has a good track record with people paying back, there are people who don't pay (but you should expect this). His return so far has been around 7.45% (including defaults and fees).

mack257: you can try this system to borrow money. Do let us know how you get along!! I am keen to hear how the system works from a borrower's viewpoint!

But bear in mind this is a "loan" rather than a mortgage!!

I think rates vary from 9% to 13% based on your risk category.

Good Luck!

[/URL][URL="http://uk.zopa.com/"] (http://uk.zopa.com/)

[mack257]

cant do a secured loan without a mortgage mines is all paid off.
personal loans only go up to £15k
my major works bill is £15k i was looking for £25-30K over 10 years
no problem with repayments just cant find a lender
i can go up to 8%APR

[mack257]

Poppy
do you know of any independent (whole of market) mortgage broker

mack257